Correlation Between Ming Yang and Jason Furniture(Hangzh
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By analyzing existing cross correlation between Ming Yang Smart and Jason Furniture, you can compare the effects of market volatilities on Ming Yang and Jason Furniture(Hangzh and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Ming Yang with a short position of Jason Furniture(Hangzh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ming Yang and Jason Furniture(Hangzh.
Diversification Opportunities for Ming Yang and Jason Furniture(Hangzh
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ming and Jason is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Ming Yang Smart and Jason Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jason Furniture(Hangzh and Ming Yang is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Ming Yang Smart are associated (or correlated) with Jason Furniture(Hangzh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jason Furniture(Hangzh has no effect on the direction of Ming Yang i.e., Ming Yang and Jason Furniture(Hangzh go up and down completely randomly.
Pair Corralation between Ming Yang and Jason Furniture(Hangzh
Assuming the 90 days trading horizon Ming Yang Smart is expected to under-perform the Jason Furniture(Hangzh. In addition to that, Ming Yang is 1.01 times more volatile than Jason Furniture. It trades about -0.21 of its total potential returns per unit of risk. Jason Furniture is currently generating about 0.07 per unit of volatility. If you would invest 2,865 in Jason Furniture on November 4, 2024 and sell it today you would earn a total of 63.00 from holding Jason Furniture or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ming Yang Smart vs. Jason Furniture
Performance |
| Timeline |
| Ming Yang Smart |
| Jason Furniture(Hangzh |
Ming Yang and Jason Furniture(Hangzh Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ming Yang and Jason Furniture(Hangzh
The main advantage of trading using opposite Ming Yang and Jason Furniture(Hangzh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ming Yang position performs unexpectedly, Jason Furniture(Hangzh can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Jason Furniture(Hangzh will offset losses from the drop in Jason Furniture(Hangzh's long position.| Ming Yang vs. Tongxing Environmental Protection | Ming Yang vs. Shenzhen MYS Environmental | Ming Yang vs. Humanwell Healthcare Group | Ming Yang vs. Healthcare Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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